Note 5 - Borrowings

3 Months Ended

Mar. 31, 2020

Note

. Borrowings

Short-term borrowings available to FNCB include overnight FHLB of Pittsburgh advances, federal funds lines of credit and Federal Reserve Discount Window advances, which generally represent overnight or less than

-day borrowings. FNCB's maximum borrowing capacity under federal funds lines of credit and the Federal Reserve Discount Window was

$40.0

million and

$10.8

million, respectively, at

March 31, 2020.

Federal funds lines of credit are unsecured, while any borrowings through the Federal Discount Window are fully collateralized by certain pledged loans that totaled

$22.2

million at

March 31, 2020.

There were

federal funds purchased outstanding at

March 31, 2020

and

2019.

FNCB had a

$10.0

million discount window advance outstanding at

March 31, 2020,

which was taken to supplement on-balance sheet liquidity at

March 31, 2020.

The advance was subsequently repaid on

April 15, 2020.

There were

discount window advances outstanding at

March 31, 2019.

FNCB has an agreement with the Federal Home Loan Bank (FHLB) of Pittsburgh which allows for borrowings, either overnight or term, up to a maximum borrowing capacity based on a percentage of qualifying loans pledged under a blanket pledge agreement. Loans of

$474.8

million and

$475.3

million, at

March 31, 2020

and

December 31, 2019,

respectively, were pledged to collateralize borrowings under this agreement. FNCB's maximum borrowing capacity was

$333.5

million at

March 31, 2020,

of which

$42.8

million in fixed-rate advances having original maturities between

three

months and

two

years and

$35.1

million in overnight funds were outstanding. In addition to pledging loans, FNCB is required to purchase FHLB of Pittsburgh stock based upon the amount of advances and letters of credit outstanding.

	March 31,		December 31,
(in thousands)	2020		2019
Federal Reserve Discount Window	$	10,000	$	-
FHLB of Pittsbugh advances:
Overnight advances		35,125		14,100
Term advances		42,809		32,809
Subtotal FHLB of Pittsburgh advances		77,934		46,909
Junior subordinated debentures		10,310		10,310
Total borrowed funds	$	98,244	$	57,219